Answer: D. the maximum quantity of one good that can be produced given the quantity of the other good produced.
The production possibility frontier illustrates:
A. that people usually exploit opportunities to make themselves better off.
B. the inverse relation between price and quantity of a particular good.
C. that, when markets don't achieve efficiency, government intervention can improve society's welfare.
D. the maximum quantity of one good that can be produced given the quantity of the other good produced.
Economics
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What would most likely cause the price to move from P1 to P2?
a. an increase in demand
b. an increase in supply
c. an increase in quantity
d. an increase in equilibrium
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The type of good with the largest import in the U.S. is:
A. industrial goods. B. consumer goods. C. automobiles. D. capital goods.
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In well functioning markets, the degree of product variety reflects which of the following?
A. gains from coordination B. similar preferences in consumers' tastes C. cost diseconomies from standardization D. gains from network externalities
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Profit is equal to
A. total revenue minus total cost. B. total revenue divided by total cost. C. total revenue divided by marginal revenue. D. marginal revenue minus marginal cost.
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